China's foreign outbound investments are currently the subject of heightened policy and legal discussion. In comparison, there is less attention on China's domestic investment regulation. However, the latter is at least equally as important as the former for nations and businesses that deal with China. A better comprehension of China's domestic investment regime may also aid academic research on China's actions and proposals for international investment law making. In this context, “China's Foreign Investment Legal Regime: Progress and Limitations” is a veritable treasure trove of information on the intricate legal framework that oversees foreign investment in China. The authors, Yuwen Li and Cheng Bian, as experts in the field, delve deep into the nitty-gritty details of the regulatory framework, painting a comprehensive picture of the laws and regulations that shape the foreign investment regulatory landscape in the country.

The book comprises five interrelated subject matters: market access and national treatment, foreign mergers and acquisitions of Chinese enterprises, a national security review of foreign investment, intellectual property, and dispute settlement. In addition, the authors provide a comprehensive analysis of the various laws and regulations that govern these matters, including China's new Foreign Investment Law (FIL), enacted in 2019.

The authors’ in-depth analysis of FIL and a thorough comparison between the FIL and the previous foreign investment regulatory regime is a highlight of this book. As China's first unified legislation governing foreign investment, the FIL has elicited broad discussion across academics and legal practitioners. The crux of the debate is whether and to what extent this new law will meet China's market access pledge as a country traditionally wary of foreign capital. Answering this question is not an easy undertaking, for it takes a holistic grasp of the market hindrances facing foreign investors, the previous and current legal system, as well as China's statecraft and political climate, and the authors do not shy away from delving deep into each of these aspects. The unvarnished examination allows the authors to astutely point out both the achievements and limitations of China's foreign investment legal regime as it currently stands.

The book is written in an accessible and engaging style, making it concise and easy to follow. The authors’ prose is crisp and clear, and the book is sprinkled with charts, tables, and other visual aids that bring the concepts to life.

In a nutshell, this book is a tour de force, offering a comprehensive and insightful examination of the legal framework governing foreign investment in China. The authors’ deep dive into the laws and policies that shape the foreign investment landscape in the country, combined with their frank discussion of the limitations and challenges, make this book an essential reference for anyone intrigued by foreign investment regulation in China. Whether you are a seasoned expert or a newcomer to foreign investment, this book is highly recommended.